The official exchange rate of the naira against the dollar fell to N1602.43 per US dollar on Tuesday.
This is a 4.26 per cent depreciation and loss of N68.24, compared to N1534.19/$1 it traded the previous day.
According to data published by FMDQ, the naira was on a three-day winning streak prior to Tuesday’s development.
According to data from the Nigeria Autonomous Foreign Exchange Market (NAFEM), where forex is officially traded, the domestic currency depreciated by 4.26 per cent at the end of trading, closing at N1,602.43 to a dollar at the close of business.
The intraday high was N1,652.40/$1, while the intraday low was N1,450/$1, representing a spread of N202.40/$1.
According to data from the official NAFEM window, forex turnover at the close of trading was $291.78 million, representing a 63.26% increase compared to the previous day.
On the parallel market, the Naira depreciated against the dollar as it was quoted for N1,630/$1, reflecting 1.84 per cent depreciation compared to the previous day’s quote of N1,600.
The British Pound (GBP) depreciated by 7.32 per cent to close at £1/N2050 as against £1/N1,900 the previous day, while the Euro traded at N1750/EUR1, compared to N1740/EUR1 reported the previous day.